All Forum Posts by: Taoufik K.

welcome to BP! we are here to help!

in what context is this taxes? home purchase "self sufficiency test?

@Mark Malevskis This rule is called "Self sufficiency test" by lenders. This means if the property has 4 units, 75% out of 100% collected Rent Should cover the mortgage including any MI, Taxe, principal...etc. Note, i included the 4th unit in the test even if you are going to live in it. That is how lenders look at it. I recommend you do a rent comparison for the area you looking to buy this 4 Family and make sure you average out a reasonable number of units to get a good idea if this deal will pass this test without losing the appraisal money. good luck! -T

@Nathan G. thanks, Nathan!

@Darren Hutton thanks for clarifying this. i heard that could also just drywall over the existing plaster to control the cost. it maybe inexpensive to go this route instead of hiring a plaster team to redo the walls with a mud or compound....

For Direct mail, you can run it with Amazon Simple Email Service, very inexpensive. Let me know if you need more detail.

@Thomas Hickey

to answer your questions: yes, adding washer a and dryer to the unit moving a gas pipe.

this is Rental.

It has hardwood floor, and that is the plan, a refinish.

what do you mean with skim through existing plaster walls?

If you're not doing major electrical and plumbing I say no more than 30k.

Is this for rental or condo?

I will be living in this unit for a couple of yrs at least.

@Terri Williams thanks for the link.

@Russ Draper thank you. As @David Cahill mentioned, unless you finishing a "Condo" Quality unit, it is too high 1,000sqft finish to cost that much.

@Dan K. I agree, Plumbing and electrical are always costly.